Magellan Asset Management Ltd bought a new stake in American Electric Power Company, Inc. (NASDAQ:AEP – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 413,164 shares of the company’s stock, valued at approximately $56,525,000. American Electric Power makes up 1.3% of Magellan Asset Management Ltd’s portfolio, making the stock its 24th largest holding.
Several other hedge funds also recently modified their holdings of AEP. HITE Hedge Asset Management LLC bought a new stake in American Electric Power during the fourth quarter worth about $32,032,000. BlackRock Inc. acquired a new position in shares of American Electric Power during the second quarter worth $6,980,601,000. Vanguard Group Inc. lifted its stake in shares of American Electric Power by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 52,496,895 shares of the company’s stock worth $6,053,417,000 after acquiring an additional 828,588 shares during the period. Dockside LLC acquired a new position in American Electric Power in the fourth quarter valued at $1,912,000. Finally, Barclays PLC lifted its stake in shares of American Electric Power by 0.5% in the 4th quarter. Barclays PLC now owns 10,626,841 shares of the company’s stock valued at $1,225,381,000 after purchasing an additional 57,807 shares during the period. Institutional investors own 75.24% of the company’s stock.
American Electric Power Price Performance
Shares of American Electric Power stock opened at $120.94 on Monday. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.50 and a quick ratio of 0.38. American Electric Power Company, Inc. has a one year low of $105.70 and a one year high of $140.58. The business’s 50 day simple moving average is $131.01 and its two-hundred day simple moving average is $130.57. The stock has a market capitalization of $65.84 billion, a P/E ratio of 20.74, a price-to-earnings-growth ratio of 2.17 and a beta of 0.52.
American Electric Power Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be issued a $0.95 dividend. The ex-dividend date is Monday, August 10th. This represents a $3.80 annualized dividend and a yield of 3.1%. American Electric Power’s dividend payout ratio is 65.18%.
Wall Street Analysts Forecast Growth
AEP has been the topic of a number of research reports. BMO Capital Markets dropped their target price on shares of American Electric Power from $141.00 to $139.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 22nd. Morgan Stanley dropped their price objective on American Electric Power from $139.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday. TD Cowen upped their price objective on American Electric Power from $141.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, May 15th. LADENBURG THALM/SH SH dropped their price objective on American Electric Power from $148.00 to $143.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. Finally, Wall Street Zen lowered American Electric Power from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Thirteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, American Electric Power presently has an average rating of “Moderate Buy” and an average price target of $140.19.
Check Out Our Latest Analysis on American Electric Power
American Electric Power Company Profile
American Electric Power (NASDAQ: AEP) is a major investor-owned electric utility headquartered in Columbus, Ohio. The company is primarily engaged in the generation, transmission and distribution of electricity, operating a diverse portfolio of power plants and an extensive high-voltage transmission network. AEP serves retail customers through its regulated utility subsidiaries and provides wholesale power and grid services across multiple regional markets in the United States.
Operations span the full utility value chain: AEP owns and operates generation assets that include fossil-fuel, natural gas, nuclear and hydropower facilities, and it has been adding renewable resources to its mix.
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